- published: 17 Jun 2014
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The Chicago school of economics describes a neoclassical school of thought within the academic community of economists, with a strong focus around the faculty of The University of Chicago, some of whom have constructed and popularized its principles. It is at times referred to as freshwater school of economics, in contrast to the saltwater school based in coastal universities (notably Harvard, MIT, and Berkeley). The University of Chicago department, considered one of the world's foremost economics departments, has fielded more Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel laureates and John Bates Clark medalists in economics than any other university.
Kaufman (2010) says that the School is characterized by:
Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations.
The term was coined in the 1950s to refer to economists teaching in the Economics Department at the University of Chicago, and closely related academic areas at the University such as the Booth School of Business and the Law School. They met together in frequent intense discussions that helped set a group outlook on economic issues, based on price theory. The 1950s saw the height of popularity of the Keynesian school of economics, so the members of the University of Chicago were considered outside the mainstream.
Chicago (i/ʃɪˈkɑːɡoʊ/ or /ʃɪˈkɔːɡoʊ/) is the largest city in the US state of Illinois and the third most populous city in the United States after New York City and Los Angeles. The city has around 2.7 million residents. Its metropolitan area, sometimes called "Chicagoland", is the third largest in the United States, with an estimated 9.8 million people. Chicago is the county seat of Cook County, though a small portion also extends into DuPage County.
Chicago was incorporated as a city in 1837, near a portage between the Great Lakes and the Mississippi River watershed. Today, Chicago is listed as an alpha+ global city by the Globalization and World Cities Research Network, and ranks seventh in the world on the 2012 Global Cities Index. The city retains its status as an international hub for finance, industry, telecommunications and infrastructure, with O'Hare International Airport being the second busiest airport in the world in terms of traffic movements. In 2008[update], the city hosted 45.6 million domestic and overseas visitors. Among metropolitan areas, Chicago has the 4th largest Gross Domestic Product (GDP) in the world, ranking just behind Tokyo, New York City, and Los Angeles. Chicago is one of the most important Worldwide Centers of Commerce and trade.
Donald John Trump, Sr. (born June 14, 1946) is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have made him a well-known celebrity who was No. 17 on the 2011 Forbes Celebrity 100 list. He is well-known as a real-estate developer who amassed vast hotel, casino, and other real-estate properties, in the New York City area and around the world.
Trump is the son of Fred Trump, a wealthy New York City real-estate developer. He worked for his father's firm, Elizabeth Trump & Son, while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company. He was given control of the company in 1971 and renamed it The Trump Organization.
In 2010, Trump expressed an interest in becoming a candidate for President of the United States in the 2012 election. In May 2011, he announced he would not be a candidate, but a few weeks later he said he had not completely ruled out the possibility. In December 2011, Trump was suggested as a possible Vice Presidential selection by Michele Bachmann. Bachmann has since suspended her presidential campaign.